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Arizona’s job growth is expected to outpace the nation over the next several years, and most of the gains will occur in metropolitan Phoenix, a report released Thursday forecasts.

The state’s population also is expected to grow by 1 million residents over the same time period.

Arizona will add nearly 543,000 net new jobs through 2026, based on a 10-year estimate from the state Office of Economic Opportunity that includes this year and last.

The 1.7 percent annual growth rate for the state is higher than the projected 0.7 percent average annual job additions for the United States through 2026.

Arizona’s population, estimated at 7.1 million this year, is projected to increase to 8.1 million by 2026, with metropolitan Phoenix rising from around 4.8 million to 5.5 million by 2026.

However, Arizona’s job gains aren’t likely to match the higher growth experienced by the state during the 1990s.

Other key findings from the report:

Maricopa County, especially in suburban areas, could see the fastest growth, with employment increases estimated at 2.1 percent annually.

That number excludes Phoenix, which is expected to increase jobs at a 1.5 percent clip.

Yavapai County also is projected to grow employment by 2.1 percent annually, matching the fastest pace within the state.

All of Maricopa County, including Phoenix, will increase jobs at a 1.8 percent annual pace, according to the projection.

Maricopa County could account for 75 percent of all Arizona job gains through 2026, with the rest of the state accounting for the remaining 25 percent.

Growth up from past decade

The projection, made with help from the U.S. Department of Labor,is “heavily driven by historical data and patterns,” said Doug Walls, research administrator for the Office of Economic Opportunity.

The projection “assumes long-term employment patterns will continue in most industries,” he added

The state’s projected growth pace would represent a big improvement from actual growth for the decade ended in 2016, which was marked by one of the steepest recessions ever. That decade averaged just 0.2 percent annually.

The job estimates include those for self-employed workers and agricultural laborers.

Job gains by sector

Health care and education, two already large sectors, are expected to create the highest number of new jobs by 2026 in Arizona. Construction, still recovering from the housing slump of the past decade, is projected to grow at the fastest clip among major sectors, at 3 percent.

The projection didn’t break out job totals by expected wages, but several sectors are showing gains in both areas. For example, 56 of 71 health care occupations in Arizona pay above the overall state median wage of $17.45 an hour.

In a CNBC article, self-made millionaire David Bach explained that: “Buying a home is the escalator to wealth in America. Homeownership can also help you retire early, that is, if you pay your mortgage off.”

Bach suggests that homebuyers should, “Take out a 30-year mortgage, but with the intention of paying it off in 25, 20 or ideally, 15 years.”

How does he suggest you do this? Here’s the secret:

“…If you were paying $1,000 a month, now you’re going to make $1,100 payments every month. Inform the bank that you are doing this and that you want the extra $100 a month to be applied to the principal (not the interest).”

What will happen to your mortgage?

Bach explains that, “If you keep this up, you’ll wind up paying off your 30-year mortgage in about 25 years. Increase your monthly payment by 20 percent, and you’ll have that mortgage retired in about 22 years.”

Bottom Line

Whenever a well-respected millionaire gives investment advice, people usually clamor to hear it. This millionaire gave simple advice – buy a home and pay off your mortgage early so that you can retire sooner with the money you will have saved!

Who is David Bach?

Bach is a self-made millionaire who has written nine consecutive New York Times bestsellers. His book, “The Automatic Millionaire,” spent 31 weeks on the New York Times bestseller list. He is one of the only business authors in history to have four books simultaneously on the New York Times, Wall Street Journal, BusinessWeek and USA Today bestseller lists.

He has been a contributor to NBC’s Today Show, appearing more than 100 times, as well as a regular on ABC, CBS, Fox, CNBC, CNN, Yahoo, The View, and PBS. He has also been profiled in many major publications, including the New York Times, BusinessWeek, USA Today, People, Reader’s Digest, Time, Financial Times, Washington Post, the Wall Street Journal, Working Woman, Glamour, Family Circle, Redbook, Huffington Post, Business Insider, Investors’ Business Daily, and Forbes.

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